Serco Group plc - 2015 full year results
25 February 2016
|
Year ended 31 December |
2015 |
2014 |
|
Revenue - including discontinued operations |
£3,514.6m |
£3,955.0m |
|
Reported Revenue |
£3,177.0m |
£3,595.7m |
|
Underlying Trading Profit |
£96.0m |
£113.2m |
|
Reported Trading Profit/(Loss) |
£137.6m |
(£632.1m) |
|
Operating Profit/(Loss) Before Exceptional Items - continuing and discontinued |
£132.7m |
(£655.8m) |
|
Operating Loss - continuing and discontinued |
(£54.8m) |
(£1,317.3m) |
|
Underlying EPS (basic) |
3.44p |
4.73p |
|
EPS Before Exceptional Items (basic) - continuing and discontinued |
6.55p |
(107.43p) |
|
EPS (basic) - continuing and discontinued |
(15.47p) |
(205.66p) |
|
Dividend Per Share |
- |
3.10p |
|
Free Cash Flow |
(£16.2m) |
£62.2m |
|
Net Debt (including that for assets and liabilities held for sale) |
£77.5m |
£682.2m |
Underlying Trading Profit of £96m, ahead of our guidance provided at the time of the Rights Issue of £90m.
Reported Trading Profit of £138m, significantly higher than Underlying Trading Profit, benefiting from £21m net release of Onerous Contract Provisions and Contract and Balance Sheet Review items, £9m one-off profit on a contract termination and £12m beneficial impact of assets held for sale.
Exceptional operating charge of £188m, of which £166m are non-cash losses on disposals and impairments.
Free Cash Outflow of £16m, better than previously anticipated.
Net Debt reduced by £605m to £78m, as a result of the Rights Issue and offshore BPO disposal proceeds. Net Debt:EBITDA around 0.5x.
£1.8bn total value of signed contracts, representing more than 700 individual customer orders of which 10 are worth more than £50m each.
Pipeline of larger new bid opportunities increases by approximately £1.5bn to £6.5bn.
Operating costs reduced by over £330m, broadly in proportion with revenue reduction.
Guidance for 2016 reiterated - Revenue expected to reduce to approximately £2.8bn and Underlying Trading Profit to around £50m as a result of BPO disposal and contract attrition.
